Marr, revenues 2019 rise to Euro 1.7 billion
Net profit of 66.6M, a record dividend of 0.80 Euros. Covid-19 will weigh on 2020
The Board of Directors of Marr Spa (Milan: MARR.MI) the leading company in Italy in the sale and distribution of food products to the foodservice sector, owned by Cremonini Group, today approved the consolidated financial statements and the draft of the Marr Spa financial statements for the 2019 business year, that will be submitted to the Shareholders’ Meeting on 28 April. The 2019 business year closed with total consolidated revenues of 1,695.8 million Euros, compared to 1,667.4 million in 2018.
EBITDA and EBIT reached 128.5 and 99.1 million Euros respectively, after application of accounting standard IFRS 16, the effects of which amounted to +9.1 million Euros on the EBITDA and +0.8 million on the EBIT. In the same period of 2018, the EBITDA and EBIT, which were not then affected by IFRS 16, had been 119.3 and 99.2 million Euros. The result of recurring activities amounted to 93.7 million Euros and was affected by the greater financial charges due to the application of IFRS 16 for 1.6 million Euros (94.9 million in 2018).
The net result amounted to 66.6 million Euros with an effect of IFRS 16 amounting to -0.2 million Euros and, compared to the result of 68.5 million of the 2018 business year, is also affected by non-recurrent charges. The Board of Directors has proposed to the Shareholders’ Meeting to be held on 28 April the distribution of a gross dividend of 0.80 Euros (0.78 Euros last year).
The 2020 outlook will see the Covid-19 impact: "The uncertainty as regards the spread of the Covid-19 epidemic at this time - said the Company - does not enable realistic forecasts to be made as regards the effects that the phenomenon may have on general consumption and, as regards MARR’s business, on the foodservice market in Italy.
Although out-of-home food consumption in Italy recorded an increase last year, confirming the resilience of the market, the measures implemented by the Government and Local Administrations for containing the spread of the virus are affecting consumption in the out-of-home food consumption sector, especially commercial catering, but also involving collective catering. The length of these measures could have repercussions, which we believe could be temporary, on consumption in coming months; however, our country will revert to being one of the preferred destinations for world tourism as soon as conditions will allow it".
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